(Read more on the multifamily market.)
CHICAGO-Construction is expected to begin at the end of the month on phase two of the Roosevelt Square residential development. The six-phase project encompasses about 100 acres, and is a redevelopment of the Chicago Housing Authority's ABLA public housing, which consisted of the Jane Addams Homes, Grace Abbott Homes, Robert Brooks Homes and Extension and Loomis Courts.
Phase two of the project will cost about $100 million with the total project estimated at more than $500 million, says Don Biernacki, senior vice president of Related Midwest. Locally based Related Midwest is developing Roosevelt Square in a partnership with Quest Development Group LLC for the for-sale units and a partnership with Chicago-based Heartland Housing for the rental units.
The second phase of the project will consist of a total of 255 for-sale units and 177 rental units. McShane Construction Corp. was recently selected to construct 90 of the for-sale units in two 45-unit condominium buildings with 70,000 sf each at 1255 and 1355 W. Roosevelt Rd.
One of the buildings will also have a green roof in compliance with Chicago's Green Roofs Initiative, Biernacki says. "We think it is important as a builder that we are in the forefront of trying to build sustainable and environmentally responsible buildings," he says. The buildings will have energy efficient appliances and windows and "there are a number of storm water management initiatives that we are implementing, like rain gardens," he says. The buildings should be completed in October 2008. Macondo Corp. is providing architectural services for the project.
A joint venture between McHugh Construction and Rite Way Construction will be the general contractor for the rental units but "We have not yet selected a contract for the remainder of the for-sale units," Biernacki says. The for-sale units for the second phase will range in size from 694 sf to 3,360 sf. The sales price for the units will range from $240,000 to $950,000, says Mike Kelly, director of marketing and sales for Roosevelt Square.
The rental units will range in size from 544 sf to 1,375 sf. Of the 177 rental units, 121 will be Chicago Housing Authority replacement housing units with 56 units being affordable rental units for residents whose income is 60% of the area median income, Biernacki says. The rental rates for the affordable units will be between $600 and $950. There will be a total of 180 parking spaces for the rental units and a total of 297 parking spaces for the for-sale units.
There were 233 for-sale units constructed in phase one of the development along with 181 rental units. For the first phase, Related Midwest hired between 50 and 70 local residents for site security and cleaning the units at the end of construction, through a partnership with West Side 2000. Biernacki says they plan to work with West Side 2000 to hire local residents for the second phase as well.
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